WWE chief executive Nick Khan has offered an update on the entertainment major’s long in the pipeline plans to host a large-scale live event in India, which were majorly stalled by the COVID pandemic.
Khan made his comments while fielding questions during an earnings call Thursday wherein the full-year results for all four fiscal quarters of 2022 weere released. For the record, the company saw an 18 percent increase in overall revenue, bringing in $1.3 billion, which is the highest in the WWE’s history.
Khan, Chief content officer Paul “Triple H” Levesque, and WWE CFO Frank Riddick were all present for the earnings call.
About WWE’s India plans, Khan confirmed that the merger of Zee Entertainment Enterprises Ltd with Sony Pictures Networks India Pvt. Ltd., first announced in December 2021 but which is still to close, will determine when WWE’s India event happens.
To quote Khan from his earnings call: “In terms of India, allow me to tell you, from our perspective, what’s going on there and what will go on there. We’re waiting for the Zee-Sony India merger to be approved by the regulatory authorities.
“The hope is in April. Keep in mind what you already know. COVID stunted our growth opportunities in India and a number of places, but in India specifically, where I would say it was almost impossible to travel in and out of. We couldn’t do local events there. So as soon as we have a sense of when the regulatory approval happens on Zee and Sony India, look for a big live event in India.”
Khan further elaborated: “The best way to grow viewership, and I think we’re seeing it proven out with our UK shows, with the upcoming Montreal show, and in other markets, is to have live events there. It’s a much easier sale for our partners with their partners. It’s a much easier sale for us with potential partners, when they’ve been to the show, and they see the power of it. It’s just a smoother path. So as soon as that transaction is approved, look for us to be there in short order and to start continuing to build that empire in India.”
There were reported plans for a large-scale WWE event in India in January 2023. However, those plans never came to fruition.
NCLT hearing case against Zee
As far as the Sony-Zee merger is concerned, the latest on it is that Zee’s lenders have filed appeals with the Mumbai bench of the National Company Law Tribunal (NCLT), seeking to block the deal till long pending dues are cleared.
Business Standard had reported on January 12 that IndusInd Bank, Axis Finance and IDBI Bank had sought permission to file applications to intervene in the proposed merger.
Indian Performing Right Society Limited – the representative body of music owners and composers that collects royalty on behalf of artistes – has also filed a separate plea before NCLT claiming debt and default of Rs 211 crore towards royalty payable for utilization of “literary and musical works”.
The business daily further reported that NCLT had adjourned the matter till Thursday, February 2. At the time of posting this report, the outcome of the NCLT hearing was still to be ascertained.
It bears noting that all other regulatory clearances for the $10 billion merger have been obtained.
Coming back to WWE, in January 2021, the company had hosted Superstar Spectacle, an event catered specifically to the Indian market that was held inside the WWE ThunderDome in Florida.
Last month, Khan became the sole CEO of WWE after Stephanie McMahon stepped down as Co-CEO. Stephanie’s departure came just a week after her father, Vince McMahon, reinstated himself on the Board of Directors. Vince made his return to WWE, as first reported by the Wall Street Journal, in part to help pursue a possible sale of the company.
